Long USD/JPY During Vibration

FX:USDJPY   U.S. Dollar / Japanese Yen
70 0 2
  • As you can see from the chart, USD/JPY             was just supported by 61.8% Fibo extension, which is also one of previous lows.
  • I opened my long oder at 113.350, and my target will be 114.600 of 123.6%.
  • The reason that my target is 114.600 is because the 114.600 is the neck-line of this vibrating region, and also it will be really close to 200days' MA if it go up in the coming hours.
  • However, since the price has been moving under 200 days' MA, I didn't put the SL under 161.8%, but about 112.650. Although I think it is going up, I don't felling like risking too much in this order. If you are interested but think that it's better to put SL under 161.8%, then absolutely no problem.
  • To be continued.
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